Any cause of action, arbitration or other proceeding, pending or existing immediately before the day of transfer by or in favour of or against A.B. Ports as harbour authority for Mutford Lock and the adjoining land or by or in favour of or against the Authority as agent for A.B. Ports in relation to A.B. Ports as harbour authority for Mutford Lock and the adjoining land (other than an action, arbitration or proceeding which is or may be an issue between A.B. Ports and the Authority) may—